It might make sense to think that the younger generation uses their credit cards more than most and are sitting on some serious credit card debt but, they are not the leaders. Baby Boomers, according to the report The Plastic Safety Net from the public policy outfit Demos, are winning here.

The group with the highest credit card debt is the 65+ crowd who owe on average $9,283.

Those Gen X and Gen Y folks? They owe $2,982 for 18-24 yer olds and $5,156 for 24-34 year olds.

A key implication? Many Baby Boomers are heading into their retirement years broke and out of work. Is this alarmist? Yes. Is it true? Yes. Want more? The average total retirement savings for Baby Boomers is $78,000 — try stretching that over 10, 20 or 30 years.

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